Blog
IRS Audits Soar for Personal Use of Business Aircraft
Corporate jet usage is the focus of a growing number of IRS audits this year. It’s part of a bigger effort to crack down on large corporations, partnerships, and high-income taxpayers. The IRS...
How Is Tax Filing Season Going?
The IRS has already processed 62 million tax returns and refunded more than $135 billion this tax season. These early-bird taxpayers have received an average tax refund of $3,145, which is 5.8%...
Beneficial Ownership and the CTA in the Latest Tax Notes
We love participating in Tax Notes! Lee A. Sheppard always has an entertaining spin on the latest tax issues, and the most recent one citing Steven Bankler’s thoughts on beneficial ownership...
IRS Expands Access to Business Tax Accounts
IRS business tax accounts are now available to individual partners of partnerships and individual shareholders of S corporations, a privilege that was previously available only to sole...
Staffing Strains and the Work Opportunity Tax Credit
While the employee retention credit (ERC) is no more, there’s still a significant tax credit on your side when hiring great workers from demographics that have historically faced significant...
Texas Increases Franchise Tax Exemption
The January 1, 2024, Texas franchise tax filing deadline was the first for some business owners to avoid paying or even filing a “no taxes due” form. The Texas franchise tax exemption has...
IRS Crackdown on Millionaires Is a Sweeping Success
The federal government is over half a billion dollars richer thanks to its increased collection of back taxes. The IRS has been making headlines with its intensified enforcement efforts to...
IRS Collection Reminders Are Back
The IRS has restarted sending automated collection notices, ending a two-year hiatus due to the COVID-19 pandemic. The IRS temporarily suspended the mailing of automated reminders to pay...
Giving to Charities Abroad
With war, natural disasters, and other tragedies happening worldwide, you may want to donate to the global causes you believe in. But what are the tax implications of giving to charities...
IRS Intends to Be More User-Friendly by 2024
The IRS recently updated the public on how it’s been spending its cash infusion, including new online accounts and mobile-friendly forms. It also announced an end to surprise visits from tax...